Press release
Evolving Market Trends In The HVAC System Industry: Voltas Unveils New Inverter Scroll Chillers for Enhanced Energy Efficiency in Commercial ACs
HVAC System
What Is the Expected HVAC System Market Size During the Forecast Period?
In recent years, the HVAC system market has experienced significant growth. The market, which is anticipated to increase from $182.15 billion in 2024 to $193.18 billion in 2025, will witness a compound annual growth rate (CAGR) of 6.1%. This increase over time is a consequence of many factors including urbanization and a construction boom, global changes in temperature, energy efficiency worries, government rules and standards, awareness of indoor air quality, and considerations on health and comfort.
The HVAC system market is anticipated to undergo substantial growth in the coming years, with an expected value of $254.07 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 7.1%. The projected growth during this period can be linked to the globalization of markets, an emphasis on net-zero buildings, advancements in refrigerant technology, integration with renewable energy sources, resilience against climate change, and changing building codes. Key trends that are likely to shape this period include the emergence of smart HVAC systems, the infusion of artificial intelligence (AI), the development of Variable Refrigerant Flow (VRF) systems, hybrid and integrated HVAC solutions, remote management and control, as well as increased adoption of electrification and heat pumps.
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What Are the High-Growth Segments in the HVAC System Market?
The HVAC system market covered in this report is segmented -
1) By Product: Heating, Ventilation, Cooling
2) By Implementation Type: New Construction, Retrofit
3) By Application: Commercial, Residential, Industrial
Subsegments:
1) By Heating: Furnaces, Heat Pumps, Boilers, Radiant Heating Systems, Electric Heaters
2) By Ventilation: Exhaust Fans, Air Handling Units (AHUs), Energy Recovery Ventilators (ERVs), Demand-Controlled Ventilation Systems, Ductless Ventilation Systems
3) By Cooling: Air Conditioners, Chillers, Cooling Towers, Evaporative Coolers, Portable Air Conditioners
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What Key Drivers Are Expected to Influence Future HVAC System Market Growth?
The HVAC system market is predicted to undergo significant growth thanks to the burgeoning architectural activities in the commercial and residential sectors. The construction industry comprises both residential and non-residential infrastructure, such as commercial, industrial, and other buildings. A heating, ventilation, and air conditioning system (HVAC) maintains interior thermal comfort and air quality, making it necessary for a wide variety of edifices, including commercial, industrial, residential, and institutional structures. For instance, trade credit insurance, surety, and collections service provider, Atradius from the Netherlands, projects a 2.0% escalation in global construction output in March 2024, up from the 3.7% in 2023. Advanced economies are speculated to exhibit a 1.8% growth, while emerging markets are predicted to experience a 2.2% augmentation in construction activity. The non-residential output and civil engineering are expected to exhibit a growth of 2.8% and 4.4% respectively within the same year. By 2025, global construction is likely to swell by 1.8%. With the upturn in economic conditions and the impact of relaxed monetary policies, residential construction output is foreseen to bounce back by 2.4%. Consequently, the rising construction activities across commercial and residential sectors are catalyzing the expansion of the HVAC system market.
Which Companies Hold the Largest Share Across Different HVAC System Market Segments?
Major companies operating in the HVAC system market are Daikin Industries Ltd., Johnson Controls International, Carrier Global Corporation, Trane Technologies PLC, LG Electronics, AAON Heating and Cooling Products, Addison HVAC, Allied Commercial, Danfoss AS, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, Samsung Group, Midea Group, Electrolux AB, Toshiba Corporation, York International Corporation, Nortek Global HVAC, Rheem Manufacturing Company, Goodman Manufacturing Company, Lennox International Inc., SPX Corporation, Standex International Corporation, CSW Industrials Inc., EMCOR Group Inc., Ingersoll-Rand plc (Ireland), Watts Water Technologies Inc.
What Trends Are Driving Growth in The HVAC System Market?
The surge in green and smart technology is a prominent trend being observed in the HVAC system market. Major industry players are striving to strengthen their position by delivering innovative solutions using Internet of Things (IoT) and machine learning. These green and intelligent solutions enhance living conditions and provide eco-friendly construction, renovation, and operation methods for homes and buildings. For instance, in February 2024, Voltas Limited, a multinational home appliances company from India that offers air conditioners, air coolers, fridges, and washing machines, introduced its new commercial AC product range at ACREX India 2024 in Noida. This range includes inverter scroll chillers with cooling capacities ranging from 12 to 72 TR. These environmentally friendly units employ sophisticated refrigerants and possess IoT capability, Building Management System (BMS) compatibility, and can be operated through mobile apps, promising a quiet and convenient operation. The goal of this product range is to foster energy-efficient solutions in commercial spaces, reinforcing the firm's pledge to incorporate state-of-the-art technology into its operations.
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What Are the Emerging Geographies for The HVAC System Market Growth?
Asia-Pacific was the largest region in the HVAC system market in 2024. The regions covered in the HVAC system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the HVAC System Market?
2. What is the CAGR expected in the HVAC System Market?
3. What Are the Key Innovations Transforming the HVAC System Industry?
4. Which Region Is Leading the HVAC System Market?
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